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Gold above 10-week low on economic data

23rd April 2014

Gold has rebounded from a ten-week low in commodities trading markets today (April 23rd), as investors consider both the escalating tensions in Ukraine and signs of continuing economic recovery in the US.

A report published by the Federal Reserve Bank of Richmond yesterday showed manufacturing activity in the region expanded this month. Figures due later in the session are expected to show sales of new homes in the country increased last month.

Expectations of tighter monetary policy in the US brought an end to gold's 12-year bull run in 2013, but prices have advanced by almost seven per cent this year - chiefly as a result of the tensions in Ukraine.

Reports have today suggested Kiev is considering resuming an operation to remove militants from the eastern region of the country, with the diplomatic accord signed with Russia last week thought to be in tatters following the deaths of four men in violent clashes over the weekend.

Bullion for immediate delivery traded at $1,283.79 per ounce in early trading in London, above yesterday's trough of $1,277.69 per ounce - the lowest since February 11th.

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